Typically, Bitcoiners (BTC) move their reserves more actively as the price approaches the peak of the cycle. Today's situation is far from this euphoria, according to the CEO of CryptoQuant. However, a new all-time high could be just months away, indicators say.
Bitcoin’s (BTC) key metric is that the peak of the cycle is very far away
As the price of Bitcoin (BTC) stabilized above $51,000, 63% of the supply (after realized capitalization) had not moved for at least six months in a row. This could indicate an ongoing sales phase for Bitcoin (BTC), says on-chain analyst CryptoQuant.
CEO Ki Young Ju said today, February 17, 2024, that “we still have a long way to go to reach the cyclical peak.” In the last three cycles, this metric has been in the 5-15% range near the top.
Bitcoin's (BTC) realized cap ratio, which has remained inactive for the past six months, is an important metric for identifying the current phase of its price cycle.
At the bottom of this cycle, recorded in November 2022 after the collapse of the FTX/Alameda ecosystem, the metric was close to 80%.
Last week, Bitcoin (BTC), the largest cryptocurrency, rallied to levels not seen since December 2021, stopping a step away from the $53,000 mark.
New high for Bitcoin (BTC) price expected in early third quarter of 2024
Bitcoin's historical price record was recorded at nearly $69,000 on November 10, 2021; Today BTC changes hands 24% cheaper.
Typically, Bitcoin (BTC) crosses the previous ATH in the eighth month after the halving. The next (fourth) BTC halving is scheduled to take place in April this year.
The Bitcoin halving is scheduled to take place in April 2024. Here's what to expect👇
First, let's think about the previous halving:
➖ In 2020, after the last halving, the block reward fell to 6.25 BTC
➖ Bitcoin’s hash rate fell by 30% in two weeks.
➖ Bitcoins miner difficulty… pic.twitter.com/6hIsjAVPKK
– IntoTheBlock (@intotheblock) February 16, 2024
This, combined with multiple impacts on hash rate and difficulty, indicates that there is a possibility that the next Bitcoin ATH will be reached in the next six months, says data from IntoTheBlock.
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